5 Best Medical Stocks Under $10

2. EQRx, Inc. (NASDAQ:EQRX)

Number of Hedge Fund Holders: 38

Stock Price as of August 2: $5.07

EQRx, Inc. (NASDAQ:EQRX) is a Cambridge, Massachusetts-based biotech company working on recreating the drug discovery process and introducing medicines at significantly lower prices with global accessibility.

On June 13, Chris Shibutani at Goldman Sachs commenced coverage on EQRx, Inc. (NASDAQ:EQRX) with a ‘Buy’ rating and a target price of $8. The target price assumes potential upside of over 57% from the closing price as of August 2, which still reflects an attractive entry point for potential investors. The analyst thinks that the current stock price is significantly underappreciated and reflects unnecessarily bearish views on the approval of the company’s two lead candidates aumolertinib and sugemalimab. Shibutani expressed confidence in EQRx, Inc.’s (NASDAQ:EQRX) ability to deliver on its strategic mission. Furthermore, EQRx, Inc. (NASDAQ:EQRX) has filed for a marketing authorization application for aumolertinib with the UK Medicines and Healthcare products Regulatory Agency.

The number of hedge funds with an ownership stake in EQRx, Inc. (NASDAQ:EQRX) increased from 31 in Q4 2021 to 38 in the first quarter of 2022.